[arduanika]

You're correct in that not the requoting that makes Friedman's dictum true. It's the basic math.

The aggregate price level is equal to the money supply, times the velocity of money, divided by the volume of transactions. The duty of monetary policy is to size the money supply accordingly. When the central bank fails in that task, or is overwhelmed by fiscal recklessness, you get inflation. Everywhere and always. By "phenomenon", he's not talking about the proximal cause; he's talking about the policy point of failure.

And it sure as heck has zero to do with excessive javascript and Google search trends.

[bryanlarsen]

Sure, if the Fed is prescient. There's lag in the system, so to prevent inflation the Fed would have to predict supply shocks several months in advance.